MARKET TRENDS
Beyond Insights: Markets
Tech Layoffs & Housing Demand
JANUARY 2023
In 2022, the tech industry increased its announced job cuts by 649%, the highest since the dot-com crash more than 20 years ago. Over 1,000 tech companies laid off 154,386 employees in 2022, a bulk of them occurring in 4Q22.
These layoffs heavily affected apartment demand in tech-saturated markets, such as Seattle and the Bay Area. Conversely, the tech industry in Austin has been more resilient to underpin sustained apartment demand in the market. What’s ahead for 2023? And how will these layoffs affect apartment demand across the country?
BIGGEST TECH LAYOFFS IN THE PAST YEAR
Questions? Contact us.
Robert Gutierrez
Senior Director
National Research
robert.gutierrez@berkadia.com
Aaron Royster
Associate Director
of Research
aaron.royster@berkadia.com
2023 U.S. Forecast Webinar
On January 24, we proudly hosted Berkadia’s 2023 U.S. Forecast Webinar. Berkadia executives were joined by Aneta Markowska, Chief Financial Economist for Jefferies and Sharon Wilson Géno, President-Elect of NMHC to discuss the themes and economic trends expected to shape investor behavior, including the multifamily housing market, in the year ahead.
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